Shiba Inu Raises $12M for Privacy Blockchain Venture

Shiba Inu's Expansion

Shiba Inu, the notable Ethereum-based project symbolized by the SHIB token, recently announced a successful $12 million fundraising effort. This financial boost is earmarked for the creation of a privacy-oriented blockchain. With a diverse group of investors backing the initiative, the venture promises to enhance the security and utility of the Shiba Inu ecosystem.

Investor Influx

The investment round saw participation from various players, such as Comma 3 Ventures and Animoca Brands, all purchasing TREAT - the network's utility and governance token. This collective support showcases the community's belief in Shiba Inu's vision and its commitment to privacy in blockchain technology.

Privacy-First Approach

The fundraising comes on the heels of a collaboration with Zama, aimed at building a new network poised to offer enhanced privacy features through Fully Homomorphic Encryption (FHE). This technology allows for computational operations on encrypted data, ensuring privacy without compromising functionality. As SHIB integrates this tech, it signals a move towards greater data protection for its users.